GST Audits
Threshold Limit for Audit under GST by CA/CMA:
Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant. Such taxpayer shall electronically file:
- An annual return using the Form GSTR 9 by 31st December of the next Financial Year
- The audited copy of the annual accounts
- A certified reconciliation statement in the form GSTR-9C, reconciling the value of supplies declared in the return with the audited annual financial statement
- Any other particulars as prescribed